The present invention is a method and system for data submission management of insurance application data by a host data processing system. The invention comprises authenticating the submission of data relative to an insurance applicant. The authenticated data is matched with a set of data points and merged to create a submission to be matched with a set of price points in a quotation routine to establish a quote. The quote is then accepted or rejected by the applicant. If accepted, then the applicant is bound conditionally. A policy is then issued to the applicant in respect of the quote. Subsequently, a set of endorsements may be added to the policy. A policy information routine for matching the insurance application data to a set of data fields is initiated to establish a living folder which can be the source of data for populating other routines, system folders, or report generators.
Legal claims defining the scope of protection. Each claim is shown in both the original legal language and a plain English translation.
1. A method for data submission management of insurance application data by a data processing system via a computer processor, said method comprising the steps of: a plurality of computer instructions performed via a computer processor and memory chips of: (a) authenticating, at a remote node, the submission of data to be entered in said system relative to an applicant; (b) matching said authenticated data with a set of one more pre-established routines residing in a memory of said system and corresponding to particular data entry points; (c) merging said authenticated data with said matched routines to create a submission, said submission further comprising a set of data fields; (d) submitting said submission to a host data processing center to match said set of data fields with a set of price points in a quotation routine to establish a quote in respect of said submission; (e) transmitting said quote from said host data processing center to said remote node; (f) accepting or rejecting said quote by said applicant, wherein (i) if said quote is rejected, then determining whether or not to modify said data to be authenticated; and, if said data is not modified than terminating said routine; or (ii) if said quote is accepted, then binding said applicant conditionally and identifying one or more tasks to be performed in respect of said binding; (g) issuing a policy to said applicant in respect of said quote; (h) performing said one or more tasks; and (i) processing a set of one or more endorsements to said policy in respect of a result related to said tasks, wherein a computer processor performs in parallel instructions of the steps of: (a) accepting an application for entry into said data processing system; (b) initiating a policy information routine for matching said insurance application data to a set of one or more data fields of said data processing system said data fields relevant to said application; (c) establishing a living folder, said living folder comprising a plurality of sub-folders for storing data relevant to said applicant's application; (d) populating, on a real-time basis, each of said sub-folders with data collected from said data processing system as such data is generated by said plurality of routines; and (e) allowing said data processing system to query each of said sub-folders and to withdraw data from said each of said sub-folders based upon a set of pre-established criteria and needs.
The invention is a method for managing insurance application data using a computer system. The system authenticates data submissions from remote locations. This data is then matched with pre-established routines in memory that correspond to specific data entry points. Authenticated data is merged with these routines to create a submission containing data fields. This submission is sent to a host processing center, where data fields are matched against price points in a quotation routine to generate a quote. The quote is transmitted back to the remote node, where the applicant can accept or reject it. If rejected, the system prompts for data modification or terminates. If accepted, the applicant is conditionally bound, and tasks are identified. A policy is issued, tasks are performed, and endorsements are processed. Simultaneously, the system accepts the application, initiates a policy information routine to match data to relevant fields, creates a "living folder" with sub-folders for data storage, populates these sub-folders in real-time, and allows queries to extract data based on defined criteria.
2. The method of claim 1 , wherein said pre-established routines further comprise the steps of: (a) determining a set of one or more options that are available to said applicant for construction of said policy; and (b) determining a set of administrative options available to said applicant in respect of said data input.
This insurance application system, described in the previous claim, also determines policy construction options available to the applicant (e.g., coverage levels, deductibles). It also defines a set of administrative options related to data input (e.g., preferred communication methods, data update frequency) for the applicant to configure their policy management.
3. The method of claim 1 , wherein said pre-established routines further comprise the step of determining said set of one more tasks to be performed subsequent to said policy being issued.
The insurance application system, as previously described, determines tasks that need to be performed after the insurance policy is issued. These post-issuance tasks could include verification checks, document submissions, or other actions needed to fully activate or maintain the policy.
4. The method of claim 1 , wherein said data input is utilized by said host data processing center to re-calculate and re-set one or more data fields resident within said memory of said system.
In the insurance application system, the input data provided by the applicant is used by the central processing center to recalculate and update data fields stored within the system's memory. This ensures that pricing and policy terms remain accurate and reflect current market conditions and risk assessments.
5. The method of claim 2 , further comprising the step of generating a report in respect of said data input.
The insurance application system described in the previous claims generates reports based on the input data. These reports may be used for internal analysis, regulatory compliance, or to provide insights to the applicant regarding their policy and risk profile.
6. The method of claim 1 , wherein said pre-established routines are trainable by updating one or more fields with data that is input periodically to reflect market conditions and fluctuations.
The pre-established routines used in the insurance application system are adaptable and can be trained by periodically updating their data fields. This allows the system to reflect current market conditions and fluctuations, ensuring that quotes and policy terms remain competitive and accurate.
7. The method of claim 1 , wherein said price points are updated periodically.
The price points used in the insurance application system's quotation routine are updated regularly. This ensures that the quotes provided to applicants reflect the most current pricing information based on market trends and risk assessments.
8. The method of claim 1 , wherein said one or more tasks further comprises inspecting a facility to be covered by said policy.
The tasks performed as part of binding an insurance policy in this application system include physical inspections of the property or facility to be covered. This allows the insurance company to assess the risk associated with the insured property before finalizing the policy.
9. The method of claim 1 , wherein said one or more tasks comprises examining an individual to be covered by said policy.
In addition to, or instead of, facility inspections, tasks performed during policy binding may include medical examinations or background checks of the individual being insured. This allows the insurance company to assess the risk associated with the insured person before finalizing the policy.
10. A method for data submission management of insurance application data by a data processing system via a computer processor and memory chips, said method comprising the steps of: a plurality of computer instructions performed via a computer processor and memory chips of: (a) authenticating, at a remote node, the submission of a limited data set to be entered in said system relative to an applicant; (b) matching said authenticated limited data set with a set of one more pre-established routines residing in a memory of said system and corresponding to particular data entry points; (c) merging said authenticated data with said matched routines to create a quick quote, said quick quote further comprising a set of data fields; (d) transmitting said quick quote from said host data processing center to said remote node; (e) accepting or rejecting said quote by said applicant, wherein (i) if said quote is rejected, then determining whether or not to modify said data to be authenticated; and, if said data is not modified than terminating said routine; or (ii) if said quote is accepted, then binding said applicant conditionally and identifying one or more tasks to be performed in respect of said binding; (f) performing said one or more tasks; and, if said tasks are successful, then issuing a policy to said applicant in respect of said quote; and (g) processing a set of one or more endorsements in respect of said policy, wherein a computer processor performs in parallel instructions of the steps of: (a) accepting an application for entry into said data processing system; (b) initiating a policy information routine for matching said insurance application data to a set of one or more data fields of said data processing system said data fields relevant to said application; (c) establishing a living folder, said living folder comprising a plurality of sub-folders for storing data relevant to said applicant's application; (d) populating, on a real-time basis, each of said sub-folders with data collected from said data processing system as such data is generated by said plurality of routines; and (e) allowing said data processing system to query each of said sub-folders and to withdraw data from said each of said sub-folders based upon a set of pre-established criteria and needs.
A computer system manages insurance applications by authenticating a limited data set from a remote location. The system then matches this limited data with pre-existing routines in memory tied to data entry points. The authenticated data is merged with these routines to create a "quick quote" containing data fields. This quick quote is sent to the remote location. The applicant can accept or reject the quote. If rejected, modification is prompted or the process ends. If accepted, the applicant is conditionally bound and tasks are identified. If the tasks are completed successfully, a policy is issued. Endorsements are then processed. Concurrently, the system accepts the application, starts a policy information routine to match data to fields, creates a "living folder" with sub-folders, populates the folders in real-time, and allows data retrieval based on criteria.
11. The method of claim 10 , wherein said pre-established routines further comprise the steps of: (a) determining a set of one or more options that are available to said applicant for construction of said policy; and (b) determining a set of administrative options available to said applicant in respect of said data input.
This quick quote insurance application system, described in the previous claim, also determines policy construction options available to the applicant (e.g., coverage levels, deductibles). It also defines a set of administrative options related to data input (e.g., preferred communication methods, data update frequency) for the applicant to configure their policy management.
12. The method of claim 10 , wherein said pre-established routines further comprise the step of determining said set of one more tasks to be performed before said policy can be issued.
The quick quote insurance application system, as previously described, determines tasks that need to be performed before an insurance policy is issued. These pre-issuance tasks could include verification checks, document submissions, or other actions needed to qualify the policy.
13. The method of claim 10 , wherein said data input is utilized by said host data processing center to re-calculate and re-set one or more data fields resident within said memory of said system.
In the quick quote insurance application system, the input data provided by the applicant is used by the central processing center to recalculate and update data fields stored within the system's memory. This ensures that pricing and policy terms remain accurate and reflect current market conditions and risk assessments.
14. The method of claim 10 , wherein said price points are updated periodically.
The price points used in the quick quote insurance application system are updated regularly. This ensures that the quotes provided to applicants reflect the most current pricing information based on market trends and risk assessments.
15. The method of claim 10 , wherein said one or more tasks further comprises inspecting a facility to be covered by said policy.
The tasks performed as part of binding an insurance policy in this quick quote application system include physical inspections of the property or facility to be covered. This allows the insurance company to assess the risk associated with the insured property before finalizing the policy.
16. The method of claim 10 , wherein said one or more tasks comprises examining an individual to be covered by said policy.
This invention relates to insurance underwriting, specifically to methods for assessing risk and determining coverage eligibility for individuals. The problem addressed is the need for efficient and accurate risk evaluation in insurance processes, particularly when determining whether to provide coverage to an individual. The method involves performing one or more tasks to evaluate an individual for insurance coverage under a policy. These tasks include collecting and analyzing relevant data about the individual, such as medical history, lifestyle factors, or other risk indicators. The analysis may involve comparing the individual's data against predefined criteria or risk models to assess their eligibility for coverage. The method may also include generating a risk profile or score based on the evaluation, which can then be used to determine policy terms, premiums, or coverage limits. The process ensures that underwriting decisions are data-driven and tailored to the individual's risk profile, improving accuracy and fairness in insurance assessments.
17. A data processing system for data submission management of insurance application data, said system comprising: (a) a host data processing center comprising a plurality of computers connected via electronic networks; (b) a set of one or more remote nodes for linking with said host data processing center; (c) transmission means for transmitting data between said set of one or more remote nodes and said host data processing center; (d) an input routine residing in said data processing system wherein said routine accepts data input from at least one of said set of one or more remote nodes relative to an insurance application; (e) authentication means for authenticating said data input; (f) first matching means for matching said authenticated data with a set of one more pre-established routines residing in a memory of said host data processing center and corresponding to particular data entry points; (g) merging means for merging said authenticated data with said matched routines to create a submission, said submission further comprising a set of data fields; (h) second matching means for matching said set of data fields with a set of price points in a quotation routine of said host data processing center to establish a quote in respect of said match; (i) selection means for accepting or rejecting said quote by said applicant, wherein (1) if said quote is rejected, then determining whether or not to modify said data to be authenticated; and, if said data is not modified than terminating said routine; or (2) if said quote is accepted, then binding said applicant conditionally and identifying one or more tasks to be performed in respect of said binding; and (j) policy issuing means for issuing a policy to said applicant in respect of said quote, wherein a computer processor performs in parallel instructions of the steps of: (a) accepting an application for entry into said data processing system; (b) initiating a policy information routine for matching said insurance application data to a set of one or more data fields of said data processing system said data fields relevant to said application; (c) establishing a living folder, said living folder comprising a plurality of sub-folders for storing data relevant to said applicant's application; (d) populating, on a real-time basis, each of said sub-folders with data collected from said data processing system as such data is generated by said plurality of routines; and (e) allowing said data processing system to query each of said sub-folders and to withdraw data from said each of said sub-folders based upon a set of pre-established criteria and needs.
An insurance data processing system includes a central host processing center with networked computers and remote nodes. Data is transmitted between the nodes and the center. An input routine accepts insurance application data from a remote node, which is then authenticated. The system matches the authenticated data with pre-established routines corresponding to data entry points. The merged data creates a submission with data fields, which are matched to price points to generate a quote. The applicant can accept or reject the quote. If rejected, data is modified or the process stops. If accepted, the applicant is conditionally bound, and tasks are identified. A policy is issued. Simultaneously, the system accepts applications, initiates a routine to match data to fields, creates a "living folder" with sub-folders, populates the folders in real-time, and allows data retrieval based on criteria.
18. The system of claim 17 , wherein at least one remote node of said set of remote nodes is co-located with said host data processing center.
In this insurance data processing system, at least one of the remote nodes is located within the same physical location as the host data processing center. This allows for internal users to access the system without needing to connect remotely.
19. The system of claim 17 , wherein said input routine is resident at said host data processing center.
In the insurance data processing system, the data input routine is located at the host data processing center. This means that all data input is handled directly by the central system.
20. The system of claim 17 , wherein said input routine is resident at said at least one remote node.
Conversely, in this data processing system, the data input routine is located at the remote node. This allows the remote user to input data directly into the system.
21. The system of claim 17 , wherein said transmission means comprises at least wireless transmission means.
The transmission means used to send data in this system includes wireless communication methods.
22. The system of claim 17 , wherein said transmission means comprises at least hard-wired transmission means.
The transmission means used to send data in this system includes wired communication methods.
23. The system of claim 17 , wherein said one or more tasks further comprises inspecting a facility to be covered by said policy.
The tasks performed as part of binding an insurance policy in this system include physical inspections of the property or facility to be covered. This allows the insurance company to assess the risk associated with the insured property before finalizing the policy.
24. The system of claim 17 , wherein said one or more tasks comprises examining an individual to be covered by said policy.
In addition to, or instead of, facility inspections, tasks performed during policy binding in this system may include medical examinations or background checks of the individual being insured. This allows the insurance company to assess the risk associated with the insured person before finalizing the policy.
25. The system of claim 17 , wherein said system further comprises a forms library for providing a pre-determined format for data to be transmitted in the form of said quote or of said policy.
This insurance data processing system includes a library of pre-formatted forms. These forms provide a standardized format for transmitting data, such as quotes and policies, ensuring consistency and compatibility across the system.
26. A data processing system for data submission management of insurance application data, said system comprising: (a) a host data processing center comprising a plurality of computers connected via electronic networks; (b) a set of one or more remote nodes for linking with said host data processing center; (c) transmission means for transmitting data between said set of one or more remote nodes and said host data processing center; (d) an insurance policy creation application residing in said data processing system, said application further comprising: (i) a data input routine for allowing a system user to input data relative to an insurance applicant; (ii) an authentication routine for authenticating said data input; (iii) a first matching routine for matching said authenticated data with a set of one more pre-established routines residing in a memory of said host data processing center and corresponding to particular data entry points; (iv) a merging routine for merging said authenticated data with said matched routines to create a submission, said submission further comprising a set of data fields; (v) a second matching routine for matching said set of data fields with a set of price points in a quotation routine of said host data processing center to establish a quote in respect of said match; (vi) a selection means for accepting or rejecting said quote by said applicant; and (vii) a policy issuing routine for issuing a policy to said applicant in respect of said quote, wherein a computer processor performs in parallel instructions of the steps of: (a) accepting an application for entry into said data processing system; (b) initiating a policy information routine for matching said insurance application data to a set of one or more data fields of said data processing system said data fields relevant to said application; (c) establishing a living folder, said living folder comprising a plurality of sub-folders for storing data relevant to said applicant's application; (d) populating, on a real-time basis, each of said sub-folders with data collected from said data processing system as such data is generated by said plurality of routines; and (e) allowing said data processing system to query each of said sub-folders and to withdraw data from said each of said sub-folders based upon a set of pre-established criteria and needs.
This insurance data processing system features a central host processing center with networked computers, and remote nodes. Data is transmitted between the nodes and the center. An insurance policy creation application is present that contains: (i) a data input routine for user input, (ii) an authentication routine, (iii) a routine to match authenticated data with pre-existing routines, (iv) a routine to merge data into a submission with data fields, (v) a routine to match data fields to price points for a quote, (vi) applicant quote acceptance/rejection, and (vii) a policy issuing routine. Simultaneously, the system accepts applications, initiates a routine to match data to fields, creates a "living folder" with sub-folders, populates the folders in real-time, and allows data retrieval based on criteria.
27. The system of claim 26 , wherein said system further comprises a forms library for providing a pre-determined format for data to be transmitted in the form of said quote or of said policy.
This insurance data processing system includes a library of pre-formatted forms. These forms provide a standardized format for transmitting data, such as quotes and policies, ensuring consistency and compatibility across the system.
28. The system of claim 26 , wherein said system further comprises a rating engine for calculating said set of price points for said quotation routine of said host data processing center.
The described system includes a rating engine to calculate the set of price points used within the quotation routine of the host data processing center. This ensures accurate and automated quote generation based on input data.
29. The system of claim 26 , wherein said system further comprises printing means for printing a set of reports and/or documents derived from said system.
This data processing system is equipped with printing capabilities, enabling users to generate physical copies of reports and documents created within the system.
30. A method for data submission management of insurance application data by a data processing system, said data processing system further comprising an application for controlling a plurality of routines for managing said data submission and creating a policy, said method further comprising the steps of: a plurality of computer instructions performed via a computer processor and memory chips of: (a) accepting an application for entry into said data processing system; (b) initiating a policy information routine for matching said insurance application data to a set of one or more data fields of said data processing system said data fields relevant to said application; (c) establishing a living folder, said living folder comprising a plurality of sub-folders for storing data relevant to said applicant's application; (d) populating, on a real-time basis, each of said sub-folders with data collected from said data processing system as such data is generated by said plurality of routines; and (e) allowing said data processing system to query each of said sub-folders and to withdraw data from said each of said sub-folders based upon a set of pre-established criteria and needs.
An insurance application system manages data submission and policy creation with an application controlling several routines. The steps include: accepting an application, initiating a policy information routine to match data to fields, creating a "living folder" with sub-folders for application data, populating the sub-folders with data generated by system routines in real-time, and allowing the system to query and retrieve data from these sub-folders based on predefined criteria.
31. The method of claim 30 , said data processing system further comprising a data management routine for directing data to each of said sub-folders in accordance with a pre-established set of criteria associated with each of said sub-folders.
In this application, a data management routine directs data to the appropriate sub-folder within the "living folder." This routing is determined by a pre-established set of criteria associated with each sub-folder, ensuring data is stored and organized correctly.
32. The method of claim 31 , wherein said living folder further comprises: (a) a first sub-folder for storing general information about one or more policies associated with said applicant; (b) a second sub-folder for storing insurance broker information; (c) a third sub-folder for storing details of said one or more policies; (d) a fourth sub-folder for storing endorsements associated with said one or more policies; (e) a fifth sub-folder for storing one or more documents associated with said one or more policies; (f) a sixth sub-folder for storing communications in respect of said one or more policies; (g) a seventh sub-folder for storing notes relative to said one or more policies; and (h) an eighth folder for storing task requests relative to said one or more policies.
The "living folder" in the insurance application system contains several sub-folders: (a) general policy information, (b) broker information, (c) policy details, (d) policy endorsements, (e) policy documents, (f) policy communications, (g) policy notes, and (h) policy task requests. These sub-folders organize all relevant information for each applicant's insurance application.
33. The method of claim 30 , wherein said data processing system further comprises a routine for creating notes for entry into a sub-folder of said living folder, said routine further comprising: (a) a set of rules for automatically creating notes based on available content; (b) a set of rules for automatically creating notes at specific pre-established date/time points; and (c) a set of rules for creating notes based upon certain events.
The system allows for the creation of notes within the living folder. These notes are generated by: (a) rules that automatically create notes based on available content, (b) rules that create notes at specific times/dates, and (c) rules based on specific events related to the policy.
34. The method of claim 33 , wherein each of said sub-folders may be further sub-divided in accordance with the needs of said respective sub-folder.
Each sub-folder within the "living folder" can be further divided into more granular sub-sections based on the specific needs of each respective sub-folder. This allows for a highly customizable and organized data storage structure.
35. The method of claim 32 , wherein said first sub-folder further comprises: (a) first data identifying a system user; (b) second data identifying a broker/underwriter; and (c) third data identifying the status of said policy.
The "general information" sub-folder within the "living folder" contains: (a) data identifying the system user, (b) data identifying the broker/underwriter, and (c) data identifying the current status of the policy.
36. The method of claim 32 , wherein said second sub-folder further comprises: (a) a broker name and identifying data; (b) a broker address; and (c) a set of one or more contact points relative to said broker.
The "broker information" sub-folder within the "living folder" stores: (a) the broker's name and identifying data, (b) the broker's address, and (c) contact information for the broker.
37. The method of claim 32 , wherein said third sub-folder further comprises: (a) a set of policy coverages; (b) a set of policy limits; (c) a set of policy costs; (d) a set of bottom line costs associated with said policy; and (e) a set of locations covered by said policy.
The "policy details" sub-folder within the "living folder" includes: (a) policy coverages, (b) policy limits, (c) policy costs, (d) bottom-line costs associated with the policy, and (e) locations covered by the policy.
38. The method of claim 32 , wherein said third sub-folder further comprises a set of insured classes or additional coverages associated with said one or more policies.
The "policy details" sub-folder stores (a) insured classes and (b) additional coverages associated with one or more policies.
39. The method of claim 32 , wherein said fourth sub-folder further comprises data identifying endorsements pertaining to said policy.
The "endorsements" sub-folder contains data identifying any endorsements applicable to the specific policy.
40. The method of claim 32 , wherein said fifth sub-folder further comprises documents generated in the course of managing said policy.
The "documents" sub-folder includes documents created during the management of the policy.
41. The method of claim 32 , wherein said sixth sub-folder further comprises: (a) a set of electronic copies of communications relative to said policy; and (b) data descriptive of each communication of said set of electronic communications.
The "communications" sub-folder contains: (a) electronic copies of communications related to the policy and (b) descriptive data about each communication.
42. The method of claim 32 , wherein said seventh sub-folder further comprises a set of notes pertaining to one or more events associated with said policy.
The "notes" sub-folder includes notes pertaining to events associated with the policy.
43. The method of claim 32 , wherein said eighth sub-folder further comprises a description of each of a set of tasks to be performed relative to said policy.
The "task requests" sub-folder stores the description of each task to be performed in relation to the policy.
44. The method of claim 30 , further comprising the steps of: (a) initiating a sweeping routine having pre-set parameters for querying a set of one or more remote nodes, said remote nodes comprising data; (b) identifying data relevant to said pre-set parameters at each one of said queried nodes; and (c) transmitting a copy of said relevant data to said system for use by said application in populating said living folder.
The system uses a "sweeping routine" to query remote nodes based on pre-set parameters. It identifies data relevant to those parameters at each queried node and transmits a copy to the system, to populate the "living folder".
Cooperative Patent Classification codes for this invention. Click any code to explore related patents in that topic.
August 7, 2009
September 17, 2013
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